eNotes in the News
The use of eNotes continues to expand across the mortgage industry. In May, MERS® reported that 44,170 eNotes were registered on the MERS eRegistry (as of the end of April 2021). There have now been over 1,155,052 eNotes registered since the inception of the MERS® eRegistry. MERS is also reporting an 83% year-over-year increase in the number of companies transacting on the MERS® eRegistry, (as of April 2021). The use of eNotes had already started to increase before the pandemic, but public health measures initiated as a response to COVID-19 surely accelerated the use of eNotes. This acceleration will likely continue as the mortgage market shifts away from refinances and pivots towards more purchase transactions as rates increase and the demand for housing remains strong.